SoftBank and Sprint Said to Win National Security Clearance for Deal

SoftBank of Japan has reached a tentative agreement to win national security clearance for its $20.1 billion bid for Sprint Nextel, surmounting one of the biggest hurdles to the deal.

To pass the review by a government panel, both SoftBank and Sprint agreed to a number of concessions, people briefed on the matter said. For example, the companies will give the United States veto power over a director on the new Sprint’s board, the member who would be responsible for overseeing compliance with national security, these people said. The government panel, the Committee on Foreign Investment in the United States, or Cfius, had until midnight May 28 to render its verdict. An announcement by the two companies could come as soon as May 29, one of these people said.